Egypt’s issues 16.25 bln pounds treasury bills Sunday

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The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth 16.25 billion pounds on Sunday on behalf of the Ministry of Finance (MOF).

The first tranche of T-bills will be offered through 91-day notes at 8.25 billion pounds, while the second offering will be through 273-day notes at 8 billion pounds, according to the CBE’s official website.

The issuance will be used to finance the budget deficit, the CBE said.

Egypt’s debt instruments, especially T-bills, are attractive to foreign investors owing to their high yield. State-run banks are the largest holders of the government’s debt instruments.

Egypt aims to issue 409.6 billion pounds T-bills and 101.6 billion pounds bonds in financial year 2018/2019.

CBE previously said that Egypt’s total foreign debt rose 2.3 percent quarter-on-quarter, or $1.8 billion, to $80.8 billion in the first quarter of financial year 2017/2018.